Amgen owes $406 million for monopolizing cholesterol drug market, US jury says
May 15 (Reuters) - A federal jury in Delaware said on Thursday that biotech company Amgen (AMGN.O), opens new tab owes competitor Regeneron (REGN.O), opens new tab more than $406 million for engaging in anticompetitive behavior to increase sales of its cholesterol-reduction drug Repatha at the expense of Regeneron's rival drug Praluent.
The jury agreed with Regeneron, opens new tab that Amgen unlawfully bundled Repatha with two of its blockbuster anti-inflammatory drugs to persuade pharmacy benefit managers to buy it instead of Praluent.
The verdict includes $271.2 million for Regeneron in punitive damages. Amgen said in a statement that it "has always competed fairly and in compliance with the antitrust laws" and "look[s] forward to post-trial proceedings."
"Larger companies should not be allowed to use anticompetitive tactics to push competitors out of the market," Regeneron CEO Leonard Schleifer said in a statement.
Tarrytown, N.Y.-based Regeneron filed the lawsuit in 2022, accusing Amgen of engaging in an anticompetitive scheme to drive Amgen's drug out of the market. Thousand Oaks, California-based Amgen denied the allegations and countered that Regeneron's business decisions caused lost Praluent sales.
Regeneron earned more than $241 million from sales of Praluent in the U.S. last year, while Amgen made over $1.1 billion from U.S. Repatha sales, according to company reports.
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